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Illinois grain prices in country elevators

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[April 28, 2012]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.

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Illinois country grain prices were sharply higher on Friday afternoon. The USDA's confirmation of the sale of 1.56 million tonnes of US corn helped to boost corn prices. The sale of 1.44 million tonnes to an unknown
destination was the largest sale of the group. Several sales of US soybeans to China helped to support higher soybean prices.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 13 to 21 cents higher at 6.42-6.54. Soybean bids traded mostly 13 to 16 cents higher at 14.65-14.90.

In Central Illinois country grain dealers quoted shelled corn bids were mostly 18 to 20 cents higher at 6.36-6.50. Soybean bids were 13 to 16 cents higher at 14.71-14.85.

In the Southern part of the state, shelled corn bids were 23 to 27 cents higher at 6.51-6.69. Soybean bids were 16 to 17 cents higher at 14.80-15.02. Wheat bids were 16 to 17 cents higher at 6.26-6.48.

Illinois grains- Grain futures ended mixed this week, with soybeans sharply higher, wheat slightly higher and corn lower.

This week seemed to be all about soybeans, export news, rumors about Chinese export interest, the South American soybean crop getting smaller and strong gains in soybean meal.

Weekly export sales were over trade expectations on Thursday, with sales of 1.409 million metric tonnes of soybeans. Also on Thursday, the Buenos Aires Cereals Exchange lowered their expectations for the Argentine soybean crop from 44 million metric tonnes last week to 43 million metric tonnes.

This week has also seen a strong rally in soybean meal. If the South American crop keeps getting smaller, some traders believe this could limit the exporting of soybean meal from that country. The 48% soybean meal from Central Illinois Soybean Processors, on a cash basis, as of Thursday has been up $35.90 to $37.90 per ton from last Thursday. Central Illinois bids for 48% soybean meal ranged from $411.80 to $421.80 per ton.

In the Illinois Weather and Crops update released Monday by the USDA's NASS Illinois Field Office, estimated that Illinois farmers had planted 59% of the state's corn crop, compared to 41% last week and 10% last year. Most areas of the state are 62-80% complete, with the northern regions of
Illinois 30-40% done.

Soybean planting has officially started with 5% of the state's crop in the ground, compared to 2% last week and less than 1% last year. Most of those soybeans are planted in the southwest region of the state as they are 28% done.

The Illinois wheat crop continues to be in great shape and ahead of most years in maturity. This week, the crop placed 84% in the good to excellent category, with 15% fair and only 1% poor. There was also 55% of the crop headed, compared to 40% last week and 1% for the five year average. Many believe farmers will be able to start the wheat harvest in early June this year.

The trading in the cash grain market was moderate.

The rally in soybeans had cash soybeans near or at the 15.00 mark at several grain terminals in the southern parts of the state. This was another trigger point for some producers to make some sales of cash soybeans.

Basis for both cash and new crop corn and soybeans has been stronger this week, with improvements noted at both processors and river terminals.

At the Central Illinois Soybean Processors cash bids ended 66 to 67 cents higher at 14.81-14.94, with basis steady to 1 cent higher at option K to +13K.

The Central Illinois Corn Processors cash bids were mixed with bids ranging from 6.30-6.50 with basis steady to 8 cents higher at +23N to +43N.

At the Illinois River terminals south of Peoria, cash corn bids ended 5 to 8 cents higher
ranging from 6.37-6.45, with basis up 2 to 5 cents at +13K to +21K.

Cash soybean bids gained 68 to 71 cents at 14.86-14.90, with basis 2 to 5 cents higher at +5K to +9K.

New crop corn bids for October delivery were down 3 to 6 cents to range from 5.07-5.11, with basis steady to 3 cents higher at
-28Z to -24Z.

New crop soybean bids advanced 21 to 26 cents to 13.40-13.43, with basis 5 to 10 cents higher ranging from -18X to -15X.

New crop wheat bids for July 2012 delivery were 14 to 15 cents higher ranging from 6.25-6.35, with basis up 9 to 10 cents ranging from -10N to option N.

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At the Illinois River terminals north of Peoria, cash corn bids gained 7 to 8 cents at 6.37-6.41, with basis 4 to 5 cents higher at +13K to +17K.

Cash soybean bids increased 69 cents to 14.84-14.87, with basis 3 cents higher
at +3K to +6K.

New crop corn bids for October delivery ended 3 to 4 cents lower at 5.06-5.09, with basis 2 to 3 cents higher ranging from -29Z to -26Z.

New crop soybean bids gained 18 to 19 cents to 13.32-13.35, with basis 2 to 3 cents higher at -26X to -23X.

New crop wheat bids were up 5 cents to 6.30-6.31, with basis unchanged at -5N to -4N.

At the St. Louis terminals cash corn bids were 3 to 5 cents higher at 6.51-6.54, with soybeans up 68 to 69 cents from 15.05-15.07.

Cash bids for Soft Red Winter wheat gained 2 cents to 6.49-6.50, with cash sorghum bids down 2 cents to range from 5.98-5.99.

In northern and western Illinois, cash corn bids to producers at country elevators were 3 to 6 cents higher at 6.07-6.21, with central Illinois locations mixed at 6.11-6.33 and in southern Illinois bids gained 1 cent to range from 6.24-6.46.

Cash soybean bids in northern and western were up 62 to 66 cents at 14.56-14.64 with central Illinois bids gaining 64 to 66 cents to 14.58-14.69 and southern Illinois increased 61 to 64 cents at 14.63-14.86.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations ended 3 to 6 cents higher to range from 6.10-6.29.

New crop corn bids to producers at the country elevators in northern and western Illinois were 6 cents lower to range from 4.90-5.05, with central Illinois locations down 6 cents at 4.98-5.08 and in southern Illinois bids fell 5 to 7 cents to 5.05-5.16.

New crop soybean bids for October delivery in northern and western Illinois were 17 cents higher at 13.10-13.24, with central Illinois locations up 18 to 21 cents to 13.18-13.29 and in southern Illinois bids gained 20 to 23 cents at 13.21-13.40.

New crop wheat bids for July 2012 delivery in southern Illinois ended steady to 7 cents higher at 6.11-6.34.

___

Commercial grain prices paid farmers by Interior Illinois Country Elevators after 2.00 p.m. Friday are listed below in dollars per bushel:

AREA 

US 2

CORN

US 1

SOYBEANS

 US 2

SOFT

WHEAT 

NORTHERN 6.42 - 6.54 14.65 - 14.73  
WESTERN  6.43 - 6.50 14.76 - 14.90  
N. CENT. 6.36 - 6.47 14.74 - 14.83  
S. CENTRAL 6.43 - 6.50 14.71 - 14.85  
WABASH  6.51 - 6.69 14.80 - 14.88 6.27 - 6.35
W.S. WEST 6.53 - 6.62 14.89 - 15.02 6.31 - 6.48
L. EGYPT 6.52 - 6.65 14.87 - 15.01 6.26 - 6.42

Central Illinois average price

Corn: 6.43 (-10 K)
Soybeans:
14.78 (-19 K)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN 4.96 - 5.10 13.15 - 13.20  
WESTERN  4.90 - 5.02 13.16 - 13.27  
N. CENT.  5.01 - 5.10 13.21 - 13.32  
S. CENTRAL 5.03 - 5.17 13.22 - 13.32  
WABASH  5.14 - 5.24 13.27 - 13.32 6.26 - 6.37
W.S. WEST 5.10 - 5.16 13.32 - 13.42

6.43 - 6.56

L. EGYPT

5.17 - 5.20

13.24 - 13.35

6.25 - 6.42

***June/July 2012 Delivery

 

Cent. Ill. Average Price at Country Elevators
Week of   4/26/2012 4/19/2012
  Price Basis Price Basis
Corn

 6.22  -2K

6.21 1/2 + 1/2 K

Soybeans

14.63 1/2   -18K

13.98 1/2 -17 1/2 K


[Text copied from USDA-IL Dept of Ag Market News, Springfield]

 

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